The Senate has explained why it has resolved to probe the ₦30 trillion Ways and Means approved and spent by former President Muhammadu Buhari-led Federal Government.
This is coming on the same day that the coordinating Minister of Finance, Wale Edun said his ministry is auditing the ₦22.7 billion Central Bank of Nigeria (CBN) loans.
The upper chamber of the National Assembly (NASS) further said it would probe the overdraft collected from the Central Bank of Nigeria (CBN) under Godwin Emefiele, which it said, has largely resulted in the current food and security crises facing the country.
ALSO READ: We’re auditing ₦2.7trn CBN loans – Minister
Describing the loans as recklessly spent, the Senate, on Tuesday, set up an ad-hoc committee, to investigate what the N30 trillion Ways and Means were spent on by the immediate past government since details of such spending were not made available to NASS.
The ad-hoc committee will also probe the N10tn trillion expended on the Anchor Borrowers Scheme, the $2.4 billion forex transaction out of $7 billion obligation made for that purpose as well as other intervention programmes.
Senate’s resolutions on planned investigations followed consideration of report of its joint Committee on Banking, Insurance and other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on State of the Economy after interactive sessions with the Federal Government’s economic management team.
The report consideration in plenary on Tuesday was stormy with accusations and counteraccusations by senators on why and how the N22.7 trillion Ways and Means was passed by the 9th Senate in May 2023 and additional N7.2 trillion passed on December 30, 2023, by the 10th Senate.
Specifically, the Whip of the Senate, Senator Ali Ndume (APC Borno South), in his contribution, blamed the Senate for approving the request without details from Buhari.
Ndume said, “When the N22.7 trillion Ways and Means approval request was brought before the 9th Senate, I insisted that details of spendings made with it, should be provided before approval but the Senate then went ahead and approved it .”
However, the Deputy Senate President, Jibrin Barau, said the decision taken then was a collective one with the caveat that the executive should provide details later, which was however not provided.
In his defence, the former Senate President, Ahmad Lawan, claimed that the Ways and Means was in the past and urged the Senate to focus on the present.
Lawan said, “ All of those is in the past, we must focus on the present which is the fact that people are hungry and they are crying. That’s what we should focus on.”
The Senate President, Godswill Akpabio, in his remarks, said, as recommended by the committee and supported by most of the Senators, a thorough probe must be carried out on the N22.7 trillion Ways and Means approved in May 2023 by the 9th Senate which later increased to N30tn, with passage of the N7.2 trillion accrued interest forwarded for passage in the December last year.
“The food and security crises confronting the nation now are traceable to the way and manner the said Ways and Means was given, collected and spent.
“Details of such spendings must be submitted for required scrutiny and possible remedies because what Nigerians want now is food on their table which must be given.”
He added, “Other recommendations made by the committee on the need for a thorough investigation of the N10 trillion Anchor Borrowers programme, and other intervention programmes running into billions of dollars must be investigated.
“But as rightly recommended by the joint committee, security agencies should as a matter of national urgency combat all forms of insecurity across the country for farmers to access their farms for required food production,” Akpabio said.
